Worstell Co. v. Commissioner

Board of Tax Appeals

Worstell Co. v. Commissioner

15 B.T.A. 413, 1929 BTA LEXIS 2860

CourtUnited States Board of Tax Appeals

DecidedFebruary 14, 1929

DocketDocket No. 14707.

StatusPublished

Cited by1 cases

This text of 15 B.T.A. 413 (Worstell Co. v. Commissioner) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Worstell Co. v. Commissioner, 15 B.T.A. 413, 1929 BTA LEXIS 2860 (bta 1929).

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Opinion

[414]*414OPINION.

Geeen:

The respondent has determined that the petitioner received income in 1921 in the amount of $2,214.12 from a fire which occurred in 1920. The record does not disclose that the insurance companies contested the payments on their policies and any gain or loss resulting from the fire should be returned or reported in the year in which the fire occurred. The record shows that while the payments of the losses sustained as to merchandise and building were not made until January, 1921, the losses were actually sustained in September, 1920. The receipt of an item in 1921 representing an adjustment of a fire loss in 1920 is not income in the year 1921, and the respondent’s determination to that effect is erroneous. The petitioner’s net income as determined by the respondent should be reduced by the amount of $2,214.12.

Judgment will be entered wider Rule 50.

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[414]*414OPINION.

Geeen:

The respondent has determined that the petitioner received income in 1921 in the amount of $2,214.12 from a fire which occurred in 1920. The record does not disclose that the insurance companies contested the payments on their policies and any gain or loss resulting from the fire should be returned or reported in the year in which the fire occurred. The record shows that while the payments of the losses sustained as to merchandise and building were not made until January, 1921, the losses were actually sustained in September, 1920. The receipt of an item in 1921 representing an adjustment of a fire loss in 1920 is not income in the year 1921, and the respondent’s determination to that effect is erroneous. The petitioner’s net income as determined by the respondent should be reduced by the amount of $2,214.12.

Judgment will be entered wider Rule 50.

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Bluebook (online)

15 B.T.A. 413, 1929 BTA LEXIS 2860, Counsel Stack Legal Research, https://law.counselstack.com/opinion/worstell-co-v-commissioner-bta-1929.

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